Multigenerational Living

Some clever millennials are teaching the older boomers a new way to invest in real estate, which goes by the name of "house hacking." What Is House Hacking? House hacking has nothing to do with computers, although you may go on the Internet to find candidates for real estate investments suitable for hacking. The goal of house hacking is to acquire a multifamily rental property, live in one part of it and rent out the other parts for enough rental income to cover most, if not all, of the expenses of owning the property. Live Rent-Free As the on-site manager…

There has been a surge in families who have multiple generations living together. In many cultures, children take care of their parents as they age. This is done in an effort to repay the parents for raising them during their childhood. At the same time, when there are multiple generations living together in the same home, there are some changes in both home design and financing. Financing a Multi-Generation Home Anyone who is looking to finance a multigeneration home will need to detail their financing plan to the mortgage lender. The lender always wants to know how the loan is…